AFRICA INVESTMENT-Remittances to Africa carry a high price tag

Donald Terry, School of Law

In his 2009 album Troubadour, Somali rapper K’naan dedicates the song “15 Minutes Away” to “everybody that’s had to wait on a money transfer” and complains, “it’s kind of wack when they charge you like 10 percent on the dollar.”…

Expert quote:

“It’s expensive to be poor. There are more payout locations in one country Mexico, which receives $24 billion a year, than in the entire continent of Africa. Not only is it expensive, it’s extremely inconvenient.”

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